California-based Hanmi Bank is promoting a new Premium Savings account with tiered rates: 2.10% APY ($50k+), 1.85% APY ($10k+), and 0.15% APY (less than $10k). The minimum opening deposit is $10k of new money.
If the minimum daily balance should fall below $5k during the statement cycle, a $10 monthly maintenance fee will be assessed. There is also a $10 excessive transaction fee for each transfer beyond the six allowed per statement cycle. If the Premium Savings account is closed within 90 days of opening, a $50 early closure fee applies.
Hanmi Bank does not have an ACH transfer program in place for personal accounts.
Thanks to the DA reader who emailed me about this new savings account.
Headquartered in Los Angeles, Hanmi Bank’s market area includes portions of California, Illinois, New Jersey, New York, Texas, and Virginia.
Opening a Premium Savings (or any other type of account) at Hanmi Bank can be done at any of the 41 full-service branches located in California (24), Illinois (5), New Jersey (1), New York (1), Texas, (9), and Virginia (1), all of which are in or near major metropolitan areas.
Hanmi Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.88% (excellent) based on June 30, 2018 data. In the past year, Hanmi Bank has increased its total non-brokered deposits by $109.24 million, an above average annual growth rate of 2.68%. Please refer to our financial overview of Hanmi Bank (FDIC Certificate # 24170) for more details.
Established in 1982, Hanmi Bank is currently the 23rd largest bank headquartered in California, with more than $5.4 billion in assets. Hanmi Bank became the leader in Korean American banking in 2004 when it acquired its hometown rival, Pacific Union Bank. Ten years later, Hanmi Bank acquired United Central Bank, expanding its market area into Texas. According to an August 2018 press release,
Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), the holding company for Hanmi Bank, announced today that it has received regulatory approval from the Federal Deposit Insurance Corporation to complete its pending merger with SWNB Bancorp, Inc. (“SWNB”) and the merger of their subsidiary banks. Hanmi expects to receive the final regulatory approval from the California Department of Business Oversight in the near future.
The merger of Hanmi and SWNB remains subject to the satisfaction of customary closing conditions, including SWNB stockholder approval. SWNB is scheduled to hold a special stockholders’ meeting on August 16, 2018 to vote on the transaction. We expect to close the transaction in the late third quarter or early fourth quarter of 2018.
How the Premium Savings Account Compares
When compared to the personal savings accounts tracked by DepositAccounts.com that are available within the Bank’s market area, Hanmi Bank’s Premium Savings APY currently ranks second, regardless of minimum balance requirements.
|Interest Rate||Account Name||Credit Union/Bank|
|2.25% APY||MySavings Account (no min)||MySavingsDirect|
|2.10% APY||Premium Savings ($25k min)||Hanmi Bank|
|2.05% APY||High Rate Online Savings ($100 min)||Bank 7|
The above rates are accurate as of 9/18/2015.
To search for the best savings accounts rates, either nationwide or in your state, please refer to the Savings Rates section of DepositAccounts.com.